Home Rebate Rewards

MORTGAGE REWARD CREDIT CARD
Mortgages are just a way of life since few of us can pay cash for our homes. We all have dreams of the day that we can pay off mortgage. And even better, if we can pay off the mortgage early. Since most of us use credit cards, why not use the rewards from our everyday purchases to help pay off the mortgage early.

A mortgage reward credit card can help in paying down your mortgage faster by redeeming credit card rewards to be applied as additional principle payments on your existing mortgage account. These extra payments shave months off the term of your mortgage and can save thousands in interest.

HOME REBATE CREDIT CARD
Most cards that offer mortgage rewards as a benefit generally offer a 1% reward rate. These payments are applied either quarterly or after your reach a specific rebate threshold.

Citibank formerly had the "Citi Home Rebate Platinum Select Card", which was by far my first choice in mortgage rebate credit cards since they applied rebates to any mortgage company. Unfortunately, this card has since been discontinued. At one time, all major mortgage lenders had a home rebate credit card...however, now very few continue to offer these cards. I suspect that once the banking industry has a pulse on the mortgage and credit card defaults, they may reinstate these cards.

Many credit card companies have scaled back the mortgage reward credit cards. Those that do still exist, tend to be limited to the bank that services your mortgage. After Countrywide was merged with Bank of America, both cards disappeared. Wells Fargo continues their mortgage reward credit card for customers that have a Wells Fargo mortgage.

However, I tend to recommend a card by Citibank since it provides the flexibility to redeem home mortgage rewards which can be paid to any mortgage company. Because these rewards are through their Thank You program, if you decide to redeem your points for a vacation, instead of a mortgage payment, you can do that too.